Recurring Payments Warning! discussion

eskbanker

That's not really what I'd consider to be summarising!

I may have missed it in all that but the main thing to focus on is reimbursement for unauthorised transactions, although, as per the FCA guidance linked earlier, they're only obliged to refund those within the previous 13 months.

There is no point chasing around after the merchant, and your bank won't have any details about them anyway.

Having said that, the bank is legally obliged to share all personal data with you from a valid subject access request - was this definitely submitted properly in accordance with their privacy policy?

eskbanker

Zarsash said:
They are focusing on the timescale but abdicated their duty of care. I am sure if the transaction was listed as a company to Nigeria then their algorithms would have picked that up or if the initial payment had been larger as inferred to me during the complaints process. The system is not fit for purpose and they need to take responsibility for that.

Unfortunately there is little preventive protection against fraudulently-initiated CPAs, within the industry as a whole rather than HSBC specifically - there is no two-factor authentication or notification involved, so customers are effectively expected to spot them on statements.  My limited understanding of the protocol via which they're set up is that banks effectively don't get to choose whether or not to accept them - not saying that this is ideal of course, but just observing that it's the same with all banks....

eskbanker

Two-factor authentication is really only viable for real-time transactions initiated by the customer, whereas CPAs (and direct debits) are triggered by action from other organisations, which may be batched up into overnight submissions, for example.

Let us know how you get on at FOS though (don't hold your breath!) - it seems to me that HSBC should reimburse any unauthorised transactions within the previous 13 months, but it would surprise me if FOS held them accountable for not stopping the CPA being created in the first place.

born_again

Zarsash said:

Good afternoon all

Has anyone ever heard of this company who set up a fraudulent CPA on my account (cardholder not present fraud)-RCI Shop Maroochydore or RCI Shop Wondunna? The bank are unhelpful and I have no information other than this.  Thanks in advance

Come up as vacation exchange company,
& RCI holidays.

So have you ever booked something with them? Maybe a timeshare or such?

mgdavid

Zarsash said:

Good afternoon all

Has anyone ever heard of this company who set up a fraudulent CPA on my account (cardholder not present fraud)-RCI Shop Maroochydore or RCI Shop Wondunna? The bank are unhelpful and I have no information other than this.  Thanks in advance

RCI have world-wide coverage not just Europe

www.rci.com

Maroochydoore and Wondunna are on the Queensland coast in Australia (I've been to the former a couple of times).

RCI list holiday properties in both places.

google finds all this with just a few clicks.

born_again

Zarsash said:

born_again said:

Zarsash said:

Good afternoon all

Has anyone ever heard of this company who set up a fraudulent CPA on my account (cardholder not present fraud)-RCI Shop Maroochydore or RCI Shop Wondunna? The bank are unhelpful and I have no information other than this.  Thanks in advance

Come up as vacation exchange company,
& RCI holidays.

So have you ever booked something with them? Maybe a timeshare or such?

Could you send me a link as I contacted RCI who said they trade under RCI Europe and not those names I mentioned.  I have never owned a timeshare and never been interested in one. The only and only time I stayed at anything close to a resort was 6 years ago. In recent times my last trip was to Germany in 2020 after the time in question.  I am looking closely at all their grounds for refusal, own policies, legislation etc so we shall see.  I shall certainly do my best

Just take the transaction names & put them into google. That is all I did.